- Message Boards
- Buyer's Guide
- Ask the Experts
TUCSON, AZ — A location of Metro Car Wash here filed for Chapter 11 bankruptcy protection, the Arizona Daily Star reported.
The Feb. 3 story stated that owner Sean Storer described the bankruptcy as a simple restructuring, and the carwash, which has $1.2 million in liabilities, remains open.
“We just need a new amortization schedule, basically,” Storer said in the article. “We had some notes coming due and just needed more time. The plan is to re-amortize some loans to increase our cash flow month-to-month. We’re not trying to give anybody a haircut.”
Storer is hoping that the bankruptcy will be completed within weeks, and he expects to repay all the debt in full. Also, no employees will be laid off due to the bankruptcy, the story noted.
As PC&D reported in 2011, a Chapter 11 bankruptcy plan for the Arizona-based Danny’s Car Wash chain was approved last December.